Core Viewpoint - International gold prices have entered a new round of increases, becoming increasingly "unattainable" as they reach historical highs, driven by multiple factors including expectations of interest rate cuts by the Federal Reserve, weakened dollar confidence, and ongoing geopolitical risks [2][4][5]. Price Trends - Since the beginning of the year, international spot gold prices have risen from $2,625 per ounce to over $3,600 per ounce, with a cumulative increase of over $1,000 per ounce and a year-to-date rise of 40% [2][4]. - On September 9, spot gold prices reached a record high of $3,674.78 per ounce, with domestic gold concept stocks experiencing significant gains [2][4]. - The retail price of physical gold has also seen a notable increase, with prices for gold jewelry surpassing historical peaks, reaching over 1,070 RMB per gram [2]. Factors Driving Gold Prices - The recent surge in gold prices is attributed to three main factors: expectations of interest rate cuts by the Federal Reserve, concerns over the Fed's independence affecting the dollar index, and rising risk aversion due to fiscal and political pressures [5]. - The downward revision of U.S. non-farm employment data has intensified market bets on multiple rate cuts by the Fed within the year [5]. - Global central banks have been increasing their gold reserves, providing long-term support for gold prices. As of August, China's central bank's gold reserves increased to 74.02 million ounces, marking the tenth consecutive month of increases [6]. Long-term Outlook - Many institutions believe that the upward trend in gold prices is likely to continue in the medium to long term, driven by the weakening of the dollar-based credit monetary system and ongoing geopolitical instability [8]. - Analysts predict that gold prices could reach $3,800 per ounce in the near future, with significant support from ongoing central bank purchases and rising demand for safe-haven assets [8][9]. - Major financial institutions have raised their target prices for gold, with forecasts suggesting prices could reach between $4,000 and $5,000 per ounce by 2026 under extreme risk scenarios [9]. Investment Strategy - Given the low correlation of gold with other major asset classes, it is recommended that investors consider gold as a fundamental component of their asset allocation, employing strategies such as dollar-cost averaging or buying on dips [9].

Group 1 - The core viewpoint of the article highlights a decline in Hong Kong gold stocks, with several companies experiencing significant drops in their stock prices [1] Group 2 - Shandong Gold, Tongguan Gold, and China Silver Group each fell by over 3% [1] - Zhaojin Mining, Lingbao Gold, and Chifeng Jilong Gold all experienced declines of over 1% [1]

Core Viewpoint - The recent pullback in Hong Kong gold stocks follows a significant rise in spot gold prices, indicating a short-term phenomenon driven by profit-taking and changes in market risk appetite [1] Group 1: Market Performance - Hong Kong gold stocks experienced declines, with Shandong Gold down 3.50%, Tongguan Gold down 3.38%, and China Silver Group down 3.00% [1] - Other notable declines include Zhaojin Mining down 2.76%, Lingbao Gold down 2.15%, and Chifeng Jilong Gold down 2.15% [1] - The latest prices for these stocks are as follows: Shandong Gold at 34.200, Tongguan Gold at 2.290, and China Silver Group at 0.485 [1] Group 2: Gold Price Movement - Spot gold prices reached a high of $3674.78 per ounce before experiencing a significant drop, falling below $3620 per ounce [1] - The fluctuation in gold prices is attributed to technical profit-taking and shifts in market sentiment [1] Group 3: Future Considerations - Market participants are advised to closely monitor the support level at $3600 and the upcoming U.S. PPI and CPI inflation data, which may lead to further market volatility [1]

智通财经APP获悉，香港联交所最新资料显示，9月9日，山东黄金(01787)股东将股票存入香港上海汇丰 银行，存仓市值45.13亿港元，占比15.89%。 山东黄金公告，配售协议所载的所有条件已获达成，而完成已根据配售协议的条款及条件于2025年9月9 日落实。于本公告日期，根据配售协议的条款及条件，配售代理已成功按配售价每股配售股份28.58港 元向不少于六名承配人配售合共1.365亿股配售股份，占紧接完成前已发行H股数目约15.89%及已发行 股份数目约3.05%；及紧随完成后经配发及发行配售股份扩大后的已发行H股数目约13.71%及已发行股 份数目约2.96%。 ...

Core Viewpoint - Shandong Gold has successfully completed a share placement agreement, with significant stock being deposited into HSBC, indicating strong investor interest and confidence in the company [1] Group 1: Share Placement Details - On September 9, Shandong Gold's shareholders deposited stocks into HSBC, with a market value of HKD 4.513 billion, representing 15.89% of the total [1] - The placement agreement conditions have been met, and the completion is set for September 9, 2025, according to the terms of the placement agreement [1] - The placement agent successfully allocated a total of 136.5 million shares at a placement price of HKD 28.58 per share, which accounts for approximately 15.89% of the issued H shares prior to completion and about 3.05% of the total issued shares [1] Group 2: Post-Completion Share Structure - Following the completion of the placement, the issued H shares will increase to approximately 13.71%, and the total issued shares will be around 2.96% [1]

Core Viewpoint - Shandong Gold Mining Co., Ltd. has successfully completed the placement of 136,500,000 new H-shares, raising approximately 3,892.42 million HKD in net proceeds [2][5]. Group 1: Placement Completion - The placement was completed on September 9, 2025, with all preconditions met [2]. - The shares were placed at a price of 28.58 HKD per share, representing approximately 15.89% of the company's issued H-shares before the placement and about 3.05% of the total issued shares [2]. - After the placement, the issued H-shares increased to approximately 995,486,178 shares, and the total issued shares rose to about 4,609,929,525 shares [5]. Group 2: Impact on Shareholding Structure - Following the placement, Shandong Gold Group and its concert parties' shareholding was diluted from 45.36% to 44.02% [7]. - The total number of shares held by Shandong Gold Group and its concert parties decreased to 2,029,092,735 shares as of September 8, 2025, due to the conversion of exchangeable bonds [6][7]. - The number of A-shares remains unchanged at 3,614,443,347 shares [5].

本文作者可以追加内容哦 ! 于本公告日期，根据配售协议的条款及条件，配售代理已成功按配售价每股配售股份28.58港元向不少 于六名承配人配售合共1.365亿股配售股份，占紧接完成前已发行H股数目约15.89%及已发行股份数目 约3.05%;及紧随完成后经配发及发行配售股份扩大后的已发行H股数目约13.71%及已发行股份数目约 2.96%。追加内容 山东黄金(01787)发布公告，配售协议所载的所有条件已获达成，而完成已根据配售协... 山东黄金(01787)发布公告，配售协议所载的所有条件已获达成，而完成已根据配售协议的条款及条件 于2025年9月9日落实。 ...

Core Viewpoint - Shandong Gold (01787.HK) announced that all conditions of the placement agreement have been met, and the completion will be implemented according to the terms and conditions of the placement agreement on September 9, 2025 [1] Summary by Relevant Sections - The placement agent successfully placed a total of 136.5 million shares at a placement price of HKD 28.58 per share to no less than six subscribers [1] - The shares placed represent approximately 15.89% of the issued H shares before completion and about 3.05% of the total issued shares [1] - Following the completion, the newly issued H shares will account for approximately 13.71% of the enlarged issued H shares and about 2.96% of the total issued shares [1]

Core Viewpoint - Shandong Gold (01787) has successfully completed the placement agreement, with all conditions met, and the completion is set for September 9, 2025 [1] Summary by Relevant Sections - Placement Details - The placement agent has successfully placed a total of 136.5 million shares at a price of HKD 28.58 per share to no less than six subscribers [1] - This represents approximately 15.89% of the issued H shares before completion and about 3.05% of the total issued shares [1] - Following the completion, the issued H shares will increase to approximately 13.71% and the total issued shares to about 2.96% [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 對 因 本 公 告 全 部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 的 邀 請 或 要 約。 本 公 告 不 得 在 或 向 美 國 境 內 直 接 或 間 接 派 發。本 公 告 不 構 成 或 組 成 在 美 國 購 買 或 認 購 證 券 的 任 何 要 約 或 游 說 的 一 部 分。本 公 告 所 述 本 公 司 股 份 並 無 且 不 會根據1933年美國證券法（經 修 訂，以 下 簡 稱「證券法」）登 記，且 不 得 於 美 國 提 呈 發 售 或 出 售，除 非 已 根 據 證 券 法 的 登 記 規 定 登 記 或 獲 豁 免 遵 守 該 登 記 規 定。本 公 告 所 述 本 公 司 股 份 已 以 下 列 方 式 提 呈 發 售 及 出 售：(i)僅根據證券法第144A 條 的 登 記 豁 免 規 定， ...